Varun Beverages Ltd

Varun Beverages Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Varun Beverages Ltd

₹ 451 -3.26%
03 Feb - close price
varunbeverages.com BSE: 540180 NSE: VBL
About

Varun Beverages Ltd has been associated with PepsiCo since the 1990s and is a key player in beverage industry and one of the largest franchisee of PepsiCo in the world. The company produces and distributes a wide range of carbonated soft drinks, non-carbonated drinks and packaged water sold under trademarks owned by PepsiCo.
PepsiCo brands produced and sold by the company include Pepsi, Seven-up, Mirinda Orange, Mountain Dew, Tropicana Juices and many more. [1]

Key Points

Brands[1]
PepsiCo. franchised Brands - Pepsi, Tropicana, Slice, 7UP, Sting, Kurkure, Aquafina, Lipton, Doritos, Mirinda, Fritolay etc.
Own Brands - Jive, Cooe, Reboost, Creambell, Aquaclear, Refreshh etc.

Website BSE NSE
  • Market Cap ₹ 1,52,562 Cr.
  • Current Price ₹ 451
  • High / Low ₹ 593 / 419
  • Stock P/E 50.2
  • Book Value ₹ 57.9
  • Dividend Yield 0.22 %
  • ROCE 20.0 %
  • ROE 16.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 51.3% CAGR over last 5 years
  • Company's median sales growth is 21.8% of last 10 years

Cons

  • Stock is trading at 7.79 times its book value
  • Promoter holding has decreased over last 3 years: -4.45%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Fast Moving Consumer Goods Fast Moving Consumer Goods Beverages Other Beverages

Part of BSE 500 BSE Fast Moving Consumer Goods BSE 100 BSE 200 BSE Dollex 200

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
2,214 3,893 5,611 3,871 2,668 4,317 7,197 4,805 3,689 5,567 7,017 4,897 4,204
1,907 3,095 4,101 2,989 2,249 3,329 5,206 3,654 3,110 4,304 5,020 3,751 3,568
Operating Profit 307 798 1,511 882 418 989 1,991 1,151 579 1,263 1,998 1,146 637
OPM % 14% 20% 27% 23% 16% 23% 28% 24% 16% 23% 28% 23% 15%
9 10 42 19 9 8 44 24 45 28 77 148 99
Interest 47 63 69 62 74 94 129 119 109 41 37 45 47
Depreciation 180 172 172 171 166 188 242 257 261 273 306 308 330
Profit before tax 90 573 1,311 667 188 716 1,663 800 254 978 1,732 941 359
Tax % 9% 24% 23% 23% 24% 23% 24% 21% 23% 25% 23% 21% 28%
82 439 1,005 514 144 548 1,262 629 196 731 1,325 745 260
EPS in Rs 0.23 1.32 3.06 1.54 0.41 1.65 3.86 1.91 0.55 2.15 3.89 2.19 0.74
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
2,502 3,394 3,861 4,004 5,105 7,130 6,450 8,823 13,173 16,043 20,008 21,685
2,116 2,752 3,052 3,165 4,069 5,667 5,235 7,129 10,310 12,326 15,193 16,642
Operating Profit 387 642 810 838 1,036 1,462 1,215 1,694 2,863 3,717 4,815 5,043
OPM % 15% 19% 21% 21% 20% 21% 19% 19% 22% 23% 24% 23%
14 36 27 14 6 47 -30 51 -18 -5 48 352
Interest 187 170 435 215 223 324 294 207 204 292 483 170
Depreciation 210 317 322 347 385 489 529 531 617 681 947 1,216
Profit before tax 4 191 79 291 434 696 363 1,007 2,024 2,739 3,433 4,010
Tax % 658% 41% 39% 26% 31% 32% 1% 26% 23% 23% 23% 24%
-20 113 48 214 300 472 357 746 1,550 2,102 2,634 3,062
EPS in Rs -0.09 0.50 0.14 0.68 0.95 1.44 1.01 2.14 4.61 6.33 7.67 8.98
Dividend Payout % 0% 0% 0% 22% 16% 15% 22% 16% 15% 16% 13% 6%
Compounded Sales Growth
10 Years: 20%
5 Years: 27%
3 Years: 18%
TTM: 8%
Compounded Profit Growth
10 Years: 40%
5 Years: 51%
3 Years: 25%
TTM: 15%
Stock Price CAGR
10 Years: %
5 Years: 41%
3 Years: 25%
1 Year: -23%
Return on Equity
10 Years: 21%
5 Years: 23%
3 Years: 22%
Last Year: 17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Equity Capital 134 134 182 183 183 289 289 433 650 650 676 676
Reserves 9 91 1,511 1,587 1,816 3,040 3,235 3,647 4,453 6,287 15,934 18,902
2,615 2,527 2,215 2,654 2,808 3,417 3,216 3,387 3,884 5,431 2,826 2,508
533 1,680 915 852 1,192 1,630 1,707 2,113 2,632 2,819 3,688 3,478
Total Liabilities 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 11,618 15,187 23,124 25,565
2,355 3,496 3,716 3,981 4,387 6,479 6,409 6,311 6,932 8,409 13,402 16,763
CWIP 25 38 96 145 352 64 67 497 607 1,922 1,167 266
Investments 304 3 7 8 11 0 0 0 0 21 60 174
608 894 1,006 1,141 1,247 1,833 1,972 2,772 4,079 4,835 8,496 8,361
Total Assets 3,292 4,431 4,824 5,276 5,998 8,376 8,447 9,579 11,618 15,187 23,124 25,565

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
431 555 826 620 1,000 1,308 1,012 1,231 1,790 2,391 3,381
-500 -300 -1,048 -746 -937 -2,320 -472 -1,008 -1,769 -3,288 -4,311
58 -236 230 159 -84 1,107 -574 -178 -18 985 2,954
Net Cash Flow -11 19 8 32 -22 95 -33 46 4 88 2,024

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2014 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Dec 2025
Debtor Days 14 11 12 14 9 9 14 9 8 8 15 21
Inventory Days 77 90 103 88 94 100 123 131 116 106 114 111
Days Payable 48 39 58 38 52 54 68 64 48 37 64 53
Cash Conversion Cycle 43 62 58 64 52 55 69 76 76 77 66 79
Working Capital Days -99 -73 -89 -65 -50 -37 -47 -34 -24 -9 16 31
ROCE % 7% 12% 16% 12% 15% 18% 11% 17% 27% 29% 25% 20%

Shareholding Pattern

Numbers in percentages

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
63.90% 63.61% 63.09% 63.09% 62.91% 62.67% 62.67% 60.20% 60.23% 59.82% 59.44% 59.44%
26.00% 26.71% 27.55% 26.58% 25.79% 25.32% 24.18% 25.27% 22.98% 21.86% 21.93% 20.31%
3.67% 3.16% 3.36% 3.58% 4.16% 4.54% 4.97% 7.00% 9.19% 10.52% 11.78% 13.56%
6.41% 6.52% 6.01% 6.74% 7.16% 7.46% 8.19% 7.52% 7.59% 7.80% 6.84% 6.69%
No. of Shareholders 2,61,2863,53,7423,75,5344,40,2784,89,8875,09,6076,98,7597,42,4888,73,9159,68,4199,02,8818,72,933

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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